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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Quipp, Inc.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
748802 10
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(CUSIP Number)
Mr. John W. Gildea
115 East Putnam Avenue, Greenwich, Connecticut 06830
(203) 661-6945
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 27, 1998
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(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box / /.
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosure provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 6 Pages
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CUSIP No. 748802 10
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1 Name of Reporting Person(1)
S.S. or I.R.S. Identification No. of Above Person
John W. Gildea
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2 Check the Appropriate Box If a Member of a Group
a. / /
b. /x/
- -------------------------------------------------------------------------------
3 SEC Use Only
- -------------------------------------------------------------------------------
4 Source of Funds
AF; PF
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5 Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
6 Citizenship or Place of Organization
U.S.A.
- -------------------------------------------------------------------------------
7 Sole Voting Power
Number of 116,000
Shares ----------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By
Each 0
Reporting ----------------------------------------------------
Person 9 Sole Dispositive Power
With
116,000
----------------------------------------------------
10 Shared Dispositive Power
0
- -------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
116,000
- -------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain
Shares / /
- -------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
7.32%
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14 Type of Reporting Person
IN
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- ---------------
1 Filing jointly pursuant to Rule 13d-1(f)(1) under the Securities
Exchange Act of 1934, as amended, with Network Fund III, Ltd. and
Network IV LLC.
Page 2 of 6 Pages
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CUSIP No. 748802 10
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1 Name of Reporting Person(2)
S.S. or I.R.S. Identification No. of Above Person
Network Fund III, Ltd.
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2 Check the Appropriate Box If a Member of a Group
a. / /
b. /x/
- -------------------------------------------------------------------------------
3 SEC Use Only
- -------------------------------------------------------------------------------
4 Source of Funds
WC
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5 Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
6 Citizenship or Place of Organization
Cayman Islands
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7 Sole Voting Power
Number of 63,000
Shares ----------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By
Each 0
Reporting ----------------------------------------------------
Person 9 Sole Dispositive Power
With
63,000
----------------------------------------------------
10 Shared Dispositive Power
0
- -------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
63,000
- -------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain
Shares / /
- -------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
3.98%
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14 Type of Reporting Person
CO
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2 Filing jointly pursuant to Rule 13d-1(f)(1) under the Securities
Exchange Act of 1934, as amended, with John W. Gildea and Network IV
LLC.
Page 3 of 6 Pages
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CUSIP No. 748802 10
- -------------------------------------------------------------------------------
1 Name of Reporting Person(3)
S.S. or I.R.S. Identification No. of Above Person
Network IV LLC
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2 Check the Appropriate Box If a Member of a Group
a. / /
b. /x/
- -------------------------------------------------------------------------------
3 SEC Use Only
- -------------------------------------------------------------------------------
4 Source of Funds
WC
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5 Check If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
6 Citizenship or Place of Organization
Cayman Islands
- -------------------------------------------------------------------------------
7 Sole Voting Power
Number of 43,000
Shares ----------------------------------------------------
Beneficially 8 Shared Voting Power
Owned By
Each 0
Reporting ----------------------------------------------------
Person 9 Sole Dispositive Power
With
43,000
----------------------------------------------------
10 Shared Dispositive Power
0
- -------------------------------------------------------------------------------
11 Aggregate Amount Beneficially Owned by Each Reporting Person
43,000
- -------------------------------------------------------------------------------
12 Check Box If the Aggregate Amount in Row (11) Excludes Certain
Shares / /
- -------------------------------------------------------------------------------
13 Percent of Class Represented By Amount in Row (11)
2.71%
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14 Type of Reporting Person
CO
- -------------------------------------------------------------------------------
- ---------------
3 Filing jointly pursuant to Rule 13d-1(f)(1) under the Securities
Exchange Act of 1934, as amended, with John W. Gildea and Network
Fund III, Ltd.
Page 4 of 6 Pages
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Item 1. Security and Issuer.
This Amendment No. 1 to the Statement on Schedule 13D dated January
7, 1998 and filed with the Securities and Exchange Commission on
January 9, 1998 (the "Schedule 13D") relates to the Common Stock, par
value $.01 per share (the "Common Stock"), of Quipp, Inc., a Delaware
corporation (the "Company"). Capitalized terms not otherwise defined
shall have the meanings set forth in the Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration.
Network Fund III acquired an additional 9,500 shares of Common Stock
in two open market purchases of 7,000 shares on January 22, 1998 at
$16.335 per share and 2,500 shares on January 27, 1998 at $16.25,
respectively, for an aggregate of $154,970, all of which funds were
obtained from the working capital of Network Fund III.
Network IV acquired an additional 8,000 shares of Common Stock in two
open market of 4,000 shares on January 22, 1998 at $16.335 per share
and 4,000 shares on January 26, 1998 at $16.375, respectively, or an
aggregate of $130,840, all of which funds were obtained from the
working capital of Network IV.
Item 5. Interest in Securities of the Issuer.
(a) (i) The 63,000 Network III Shares, the 43,000 Network IV Shares
and the 10,000 Gildea Shares beneficially owned by Gildea
collectively represent 7.32% of the 1,584,194 shares of
Common Stock of the Company outstanding on the date hereof,
based upon information provided by the Company and
calculated in accordance with Rule 13d-3(d)(1) under the
Exchange Act.
(ii) The 63,000 Network III Shares represent 3.98% of the
1,584,194 shares of Common Stock of the Company outstanding
on the date hereof, based upon information provided by the
Company and calculated in accordance with Rule 13d-3(d)(1)
under the Exchange Act.
(iii) The 43,000 Network IV Shares represent 2.71% of the
1,584,194 shares of Common Stock of the Company outstanding
on the date hereof, based upon information as provided by
the Company and calculated in accordance with Rule
13d-3(d)(1) under the Exchange Act.
(c) Except as set forth in this Amendment No. 1 to the Schedule 13D, none
of Gildea, Network Fund III, Network IV or, to the best knowledge of
such parties, any of the persons named on Schedule I hereto, owns any
shares of the capital stock of the Company or has purchased or sold
any shares of the capital stock of the Company since the filing of
the Schedule 13D.
Page 5 of 6 Pages
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SIGNATURE
After reasonable inquiry and to the best of their respective
knowledge and belief, the undersigned certify that the information set forth
in this statement is true, complete and correct.
Dated: January 30, 1998
/s/ John W. Gildea
- -------------------------------------------
John W. Gildea
NETWORK FUND III, LTD.
By: GILDEA MANAGEMENT COMPANY,
Investment Advisor
By: /s/ John W. Gildea
------------------------------
Name: John W. Gildea
Title: President
NETWORK IV LLC
By: GILDEA MANAGEMENT COMPANY,
Investment Advisor
By: /s/ John W. Gildea
------------------------------
Name: John W. Gildea
Title: President
Page 6 of 6 Pages
